Help with Finance (not OcUK related)

bushmins · 20 Sep 2009 at 13:49

Ive been getting very wound up about the situation im in after buying laptop from a competetor. I bought it using the V12 finance, the same one that OcUK use.

Now im thinking if i decied to cancel my order due to having goods that are not up the standards they should be, will i loose out on the admin fee i had to pay to get the finance? The competetor was informed about the problems with the laptop the day after i bought it (Last Friday)

Im also thinking (maybe im being stupid) that i will go with the same company and buy one of their more expensive laptops, the company generally has a good customer service record. I dont want anything to do with the original laptop build as ive ben put off it after all the problems involved.

Can V12 swap over finance for a different product? Will i get charged? I know if you cancel V12 after 7 days there is a charge involved. Im hoping that the competetor will not push the matter past that time.

Any help here would really put my mind at reasdt.

WJA96 · 20 Sep 2009 at 14:06

This is actually very straightforward. You have two contracts, the first with the place you bought the laptop from, the second with the finance company. V12 Finance are not the finance provider, they are brokers for finance providers. You will need to find out whether the finance you have obtained is a hire purchase agreement or personal loan agreement.

It is almost certain that in either case, you will have to settle the finance before you can take out a new finance agreement for a more expensive laptop.

The most straightforward way to do this is to have the place you bought the laptop from refund the finance company directly. They will almost certainly insist on doing this. Whether or not you lose the admin fee depends on the contract you signed. I would say it is likely. You can hardly argue with the fact that they processed the paperwork on your behalf, hence the admin fee, especially if it was an interest free agreement.

Either way, you need to contact your finance provider and tell them. They will talk through the options. Just phone them up. This sort of thing happens a lot.

Possibly the most straightforward way to kill the whole thing stone dead is to take the laptop back and cancel the credit agreement. You have teh right to do this within 7 days provided certain things have taken place.

http://www.adviceguide.org.uk/index/life/debt/credit.htm#Cancellingacreditagreement explains how to do it.

If you bought it last Friday (the 18th) then as long as you get a letter cancelling the agreement to the finance company by the 25th (use RMSD if necessary) then you can just take the laptop back and that's that finance wise. It may well be that that the retailer advises you to do this but either way, you need to talk it through with the finance company first.

bushmins · 20 Sep 2009 at 14:29

Yeh, i thought i might lose my admin fee.

To be honest i cant really afford to start chucking money away, it doesnt feel right that i should lose out if i have been put off a perticualr product because of short comings from the people i bought it off.

Maybe i can get them to do a 'good will gesture' and take the sum of admin money that i will lose off of the price of the more expensive laptop. I guess i can only try.

Guess ill have to force myself to be happy with another build of the same laptop if i cant sort anything else out. :/

WJA96 · 20 Sep 2009 at 14:38

Well, if it was a custom built laptop from the place I think it is, you won't have much hope as the laptop will have been built for you and who are they going to sell it to?

I have to say, on laptops, I generally buy Dell, Toshiba or IBM.

bushmins · 20 Sep 2009 at 14:44

The thing is though my laptop was built from reclaimed parts in the first place (although i still payed full price). Which were taken from a laptop that someone brought back as they 'ordered it by mistake'. I only agreed to the build as they said the parts were in 'immuclate' condition, which they wernt.

They guy i spoke to on the phone was helpful but he couldnt do anything till he spoke to his manager, so it'll all hit the fan tomorrow.

bushmins · 20 Sep 2009 at 21:28

Thanks for your advice.

But, does the company who built the laptop have to see it first? I only have 3 days left to cancel the finance. What if the company get funny and say the laptop is fine? Or they could stall looking at it till after my 7 days is up.

I have opened the laptop and used it... obviously i had to to be able to find the problems. All the packing is complete and in the same condition as when i got it.

EDIT : ALso i signed the finance agreement at the place where i bought the laptop.